The figure below is the production possibilities curve showing production of T-Rex costumes and Velociraptor costumes in a single day. T-Rex costumes 15+ 10 5 Choose 1 answer: 10 15 20 25 30 35 40 45 Velociraptor costumes Based on the production possibilities curve shown here, what is the opportunity cost of a T-Rex costume? 0.25 T-Rex costumes 4 Velociraptor costumes 0.25 of a T-Rex costume 10 Velociraptor costumes 0.4
The figure below is the production possibilities curve showing production of T-Rex costumes and Velociraptor costumes in a single day. T-Rex costumes 15+ 10 5 Choose 1 answer: 10 15 20 25 30 35 40 45 Velociraptor costumes Based on the production possibilities curve shown here, what is the opportunity cost of a T-Rex costume? 0.25 T-Rex costumes 4 Velociraptor costumes 0.25 of a T-Rex costume 10 Velociraptor costumes 0.4
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
I need help with this question please
![The figure below is the production possibilities curve showing production of T-Rex costumes and Velociraptor costumes in a single day.
**Graph Explanation:**
- The graph is a straight-line production possibilities curve with T-Rex costumes on the vertical axis and Velociraptor costumes on the horizontal axis.
- The curve starts at a point where there are 10 T-Rex costumes and 0 Velociraptor costumes.
- It slopes downward linearly to a point where there are 0 T-Rex costumes and 40 Velociraptor costumes.
- The curve illustrates the trade-off between producing T-Rex costumes and Velociraptor costumes, reflecting opportunity cost.
**Question:**
Based on the production possibilities curve shown here, what is the opportunity cost of a T-Rex costume?
**Choose 1 answer:**
- A) 0.25 T-Rex costumes
- B) 4 Velociraptor costumes
- C) 0.25 of a T-Rex costume
- D) 10 Velociraptor costumes
- E) 0.4
**Correct Answer:** B) 4 Velociraptor costumes.
This means that for each T-Rex costume produced, 4 Velociraptor costumes must be forgone.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc4b3d18c-ff5d-4391-b364-c5eca9fb3f47%2F81eecea5-f72b-4f8d-8858-d5ebcb3cec90%2Foccab4g_processed.png&w=3840&q=75)
Transcribed Image Text:The figure below is the production possibilities curve showing production of T-Rex costumes and Velociraptor costumes in a single day.
**Graph Explanation:**
- The graph is a straight-line production possibilities curve with T-Rex costumes on the vertical axis and Velociraptor costumes on the horizontal axis.
- The curve starts at a point where there are 10 T-Rex costumes and 0 Velociraptor costumes.
- It slopes downward linearly to a point where there are 0 T-Rex costumes and 40 Velociraptor costumes.
- The curve illustrates the trade-off between producing T-Rex costumes and Velociraptor costumes, reflecting opportunity cost.
**Question:**
Based on the production possibilities curve shown here, what is the opportunity cost of a T-Rex costume?
**Choose 1 answer:**
- A) 0.25 T-Rex costumes
- B) 4 Velociraptor costumes
- C) 0.25 of a T-Rex costume
- D) 10 Velociraptor costumes
- E) 0.4
**Correct Answer:** B) 4 Velociraptor costumes.
This means that for each T-Rex costume produced, 4 Velociraptor costumes must be forgone.
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
![ENGR.ECONOMIC ANALYSIS](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9780190931919/9780190931919_smallCoverImage.gif)
![Principles of Economics (12th Edition)](https://www.bartleby.com/isbn_cover_images/9780134078779/9780134078779_smallCoverImage.gif)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
![Engineering Economy (17th Edition)](https://www.bartleby.com/isbn_cover_images/9780134870069/9780134870069_smallCoverImage.gif)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
![ENGR.ECONOMIC ANALYSIS](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9780190931919/9780190931919_smallCoverImage.gif)
![Principles of Economics (12th Edition)](https://www.bartleby.com/isbn_cover_images/9780134078779/9780134078779_smallCoverImage.gif)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
![Engineering Economy (17th Edition)](https://www.bartleby.com/isbn_cover_images/9780134870069/9780134870069_smallCoverImage.gif)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
![Principles of Economics (MindTap Course List)](https://www.bartleby.com/isbn_cover_images/9781305585126/9781305585126_smallCoverImage.gif)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
![Managerial Economics: A Problem Solving Approach](https://www.bartleby.com/isbn_cover_images/9781337106665/9781337106665_smallCoverImage.gif)
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
![Managerial Economics & Business Strategy (Mcgraw-…](https://www.bartleby.com/isbn_cover_images/9781259290619/9781259290619_smallCoverImage.gif)
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education